Directors And Employees Of Companies – Expenses That Can Be Claimed

In previous articles we discussed Sole Trader expenses, what you can claim and what’s allowable from an Irish Revenue point of view. See article link here.

This article is specifically for people operating from a limited company. Employees and directors expenses that are allowable. Watch out for what’s not allowable too below.

This link from Revenue is very helpful. It’s short and easy to read through.

If you pay staff or yourself (as director) round sums, please note that these should usually be taxed. Even small amounts (example €200 allowances), should be taxed unless you satisfy the criteria noted.

FLAT RATE EXPENSES
The link in the attached Revenue note for flat rate allowances is also very useful for you and perhaps employees also. Flat rate expenses list.

RECORDS TO BE KEPT
As always, Revenue expects to see full detail of expenses incurred for your business. The time frame for records to be kept is 6 years AFTER THE END of the tax year they relate to. Therefore, you should usually think 7 years when doing your annual spring clean of records.

Reading the Revenue guidance and knowing your own tax position is always good. Stay informed by subscribing to Revenue’s eBrief’s for updates if you feel it’s needed. There are many that won’t apply to you or your business however, when something of relevance arises, it’s good to be informed. You can subscribe to eBriefs here.

If there’s anything you’re unsure of in relation to expense records or what you can and can’t claim tax free, ensure you talk to your accountant or advisor also.

Have a great week
Wendy

[25 March 2018]
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